Plan for the phasing-in of transitional measures for risk-free interest rates and technical provisions

(1) Insurance undertakings applying the transitional measures under section 351 or section 352 must notify the supervisory authority without delay, where they establish that there is a risk that, at the end of the transitional period, the Solvency Capital Requirement would no longer be covered without these transitional measures. In this case, the supervisory authority requires the insurance undertaking concerned to take measures that are necessary and suitable for satisfying the Solvency Capital Requirement at the end of the transitional period.
(2) Where an insurance undertaking establishes that it would not satisfy the Solvency Capital Requirement without the transitional measures under section 351 or section 352, it submits to the supervisory authority, within two months of this finding, a plan setting out the phased introduction of the measures planned to raise the eligible own funds or to reduce the risk profile, so that compliance with the Solvency Capital Requirement is restored by the end of the transitional period. The insurance undertaking concerned may update this plan during the transitional period.
(3) The insurance undertaking concerned submits to the supervisory authority, every twelve months, a report setting out the measures for satisfying the Solvency Capital Requirement at the end of the transitional period, and the progress made in this respect. Where it becomes clear from the progress report that renewed compliance with the Solvency Capital Requirement at the end of the transitional period is unrealistic, the supervisory authority revokes the approval for applying the transitional measure under section 351 or section 352.